Green Cards Made More Accessible for Intrepid Entrepreneurs
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Starting a business is challenging enough if you’re doing it in your home country. But if you’ve got your sights set on America as the place to found your latest firm, there are more requirements to meet.
Getting a green card is the most important step, and there are actually a few ways to snag one if you’re an entrepreneur. Let’s look at how to do this and why it’s in the interest of the US to encourage overseas investors in this way.
The all-powerful EB-5 green card
One of the most talked-about subcategories of work visas which is available to foreign nationals courtesy of the American government is the EB-5 green card.
It might sound like a potentially confusing and bureaucratically complex scheme, but it’s actually quite simple to explain.
Simply put, if you’ve got $1 million or more to invest in a business that’s based in America, and you can demonstrate that your company will recruit 10 or more US citizens to work for it permanently, then you’ve got a high chance of being approved for an EB-5 green card.
Better yet, thanks to sites like https://eb5investments.com/ you can invest in regional centers where business projects are already underway, effectively piggybacking on an existing investment opportunity to get approval in much the same way as if you were managing the company directly yourself.
If $1 million sounds like a lot to put on the table, or you simply don’t have that kind of capital lying around in your bank account, then there is a lower $500,000 minimum investment for EB-5 eligibility.
The catch here is that the money needs to be siphoned into regions that need it most, such as rural areas of the US, and urban areas where levels of unemployment are high and deprivation is more common.
So as you can see there’s a decent amount of flexibility in terms of this type of green card. If you’re a seasoned entrepreneur and you’ve already proven yourself in the business world, and you’ve got the spoils to show for it, investing in America is a rapid route to green card approval.
The elite EB-1 green card
If the EB-5 green card is for people with a whole hoard of cash to their name, then the EB-1 is aimed at those who might not have millions to invest, but who have nevertheless proven themselves in their chosen field.
The broad category of people who have achieved extraordinary things is covered by this type of green card. This can include everyone from award-winning thought leaders to people who have reached the upper echelons of research and education.
Even something as simple as having previously commanded a significant salary can see you secure a place in this category, although there’s a lot more room for subjectivity here than there is for the clear cut minimum investments of EB-5 green card eligibility.
Further credence will be given to your EB-1 application if the area you work in is up and coming, and thus capable of bolstering the US economy while also broadening the diversity of its talent pool in the process.
The importance of green card accessibility
We’ve just touched on why it makes sense for the US to get the best and brightest people from around the world to flock to it and set up their lives within its borders. It’s a principle which has been at the core of the country since it was established all those centuries ago, and one which has been the catalyst for the American Dream ever since.
It might seem unfair that entrepreneurs who are already successful can effectively buy their way to a green card so long as they invest enough cash in the US. However, having $1 million or more to invest is an exceptional achievement in its own right, and so it is at least on a par with the less finance-focused EB-1 green card.
The bottom line
America wants foreign nationals to get work visas if their contribution to the country, both economically and culturally, will be way above average. Entrepreneurs have a lot to gain from going to the US as well, so it’s a win-win for all parties.